October 5, 2005

Salaries & Living
how far will your money go?

Yesterday, you looked up jobs and one of the questions you had to answer was how much the average starting salary was, for example the starting salary for a television news reporter was $11,000. A starting salaray for a news producer is about $25,000. Now you will need to pick a city you would want to live in. Please use the online resources below to create a budget for $25,000 a year. Below is a sample budget.

$25000 a year
-2800 a year for taxes (could be more or less, see your instructor if you pick a city in Florida)
$1800 a month
Berkley, MI working in Detroit
Apartment Rent: $850
Insurance: $15
Utlilities: $140
Auto Payment: $100
Auto Insurance: $100
Auto Repair/Maintenance: $75
Gas: 19 mpg - 15 miles each way to work - 600 miles a month - 2.89 a gallo - 31 gallons a month approx. $90
Other transportation: If you live in NY or Chicago you can take public transportation. Find the one-way cost online. Questiosn please ask your instructor for help.
Food: $200 (if you bring your lunch to work everyday & don't buy snacks.)
Entertainment: $100 (remember most dinners are approx 20 a person & a movie is 8 dollars - that means you would only go out with friends 3 times during the month)
Clothing: $50
Cell Phone: $40
Snacks & Misc. - $20

Savings/Leftover: $20

http://www.bankrate.com/brm/movecalc.asp

Midwest: http://www.bls.gov/cex/2003/msas/midwest.pdf
Northeast: http://www.bls.gov/cex/2003/msas/norteast.pdf
South: http://www.bls.gov/cex/2003/msas/south.pdf
West: http://www.bls.gov/cex/2003/msas/west.pdf

Please take your time and complete this assignement. If you need more time please see your instructor.

THERE IS A CHANGE IN THE GRADING RULES: Journals must be completed on the day they are assigned. If you need more time you must tell your instructor that day. Failure to do so, will mean loss of credit for the journaling assignment and will lower your daily grade significantly.